BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
February 22, 2024
Fox Factory sales down 9% in 2023
Fox Factory revenues in its Speciality Sports Group, which includes its bike-related brands, were down 43% in the company’s 2023 fiscal year, a decline the company attributed to “channel inventory recalibration” and “lower end consumer demand.” The decline in the SSG revenue came despite the inclusion of $16.8 million in...
February 22, 2024
Apple Secures Hydration Patent, Smart Ring Rumors Heat Up
As Apple continues to push into the health and wellness space, new intellectual property filings and reports speculate that the tech giant might be moving into the hydration-tracking and smart ring markets. Apple recently filed a patent for a “wearable device with perspiration measuring capabilities” for its Apple Watches. The solution would...
February 21, 2024
State Farm, Rad Power Bikes settle lawsuit over e-bike fire
The lawsuit in U.S. District Court for the Eastern District of Pennsylvania was dismissed with prejudice after it was filed Oct. 4, 2022, claiming damages were in excess of $250,000. The lawsuit alleged design, manufacturing, and component defects; use and/or handling instruction and/or warnings defects; and/or a failure to warn...
February 20, 2024
Giant Group Reports Moderating Sales Decline in January
The Giant Group reported monthly revenues for January 2024 declined 17.7 percent to NT$4.79 billion, representing the third straight month of moderating declines and the smallest decline since June 2023 when company revenues declined 13.5 percent. The Giant Group reports financials in New Taiwan Dollar (NT$). SGB Media
February 16, 2024
Ownership of IRONMAN is More Than the Legal Status
IRONMAN is a personal touchstone and for this reason there are no owners of it. There are only temporary custodians of a cultural institution who’ve been granted the privilege of husbanding the brand while they remain in charge. The new custodian has more than a responsibility. He has an opportunity....
February 15, 2024
Nike Is Laying Off 2% of Workforce as Company Works to ‘Right-Size’ Organization
After months of speculation, Nike confirmed late Thursday that it is laying off 2 percent of its workforce. The move comes after the athletic giant revealed in December that it was taking steps to “streamline” the organization and would look to save up to $2 billion in costs over the...
February 13, 2024
Shimano Inc. Confirms California Lawsuit Plaintiffs Seek Class Action Status
Shimano, Inc. confirmed the earlier reporting by the Nikkei Online Edition that a lawsuit was filed in the U.S. claiming damages related to bonded 11-speed Hollowtech II road cranksets sold in the U.S. The company said the lawsuit was filed in The U.S. District Court in California against its subsidiary, Shimano North...
February 13, 2024
Shimano annual sales down 30% in bike division
Shimano announced full-year 2023 sales in its bicycle division of 364,679 million yen ($2.42 billion) on Tuesday, a 29.5% decrease from the year before. Operating income in the division was down 55%, to 65,251 million yen. Forth-quarter sales in the bike division totaled 75,236 million yen, compared to 132,782 million...
February 13, 2024
Brooks Global Sales Were Up 5% to $1.2 Billion in 2023
https://footwearnews.com/business/earnings/brooks-2023-sales-billion-revenues-1203590268/
February 9, 2024
Asics Reports Strong Net Sales, Profits in 2023, But Expects Slowdown in North America This Year
Asics said it reported record sales and profits for 2023, but expects to see a slowdown in North America in 2024. According to the Japan-based athletic brand, net sales in fiscal year 2023 increased 17.7 percent to 570.4 billion yen. Gross profit was up 23.3 percent to 296.9 yen. Net income...